China’s cyber espionage campaign described as "the greatest transfer of wealth in history"

Gen. Keith Alexander, director of the secretive National Security Agency and head of the Pentagon’s Cyber Command, said the illicit cyberspace activities essentially amounted to “the greatest transfer of wealth in history.” Alexander said U.S. companies lose $250 billion to intellectual property theft every year. Internationally, $114 billion was lost to cybercrimes, but that number could be as high as $388 billion if the value of time and business opportunities lost is included. Michelle Van Cleave of the Homeland Security Policy Institute, speaking at the same AEI-sponsored event at which Alexander spoke, said China’s cyber espionage efforts as the biggest threat to U.S. companies and law enforcement.